Biz Hub Africa

CHAPTER ONE Whoever said you don’t need a formal business plan to start or expand your business was certainly not addressing those who need funds from creditors and investors. Like many successful businesses have done, you can launch your business idea without the benefit of a formal business plan—but this applies only if you have all the funds you need or you are just testing the business waters to see how it turns out.   Why You Need a Business Plan for your Small Business Writing your business plan is not the end of your business planning process because business planning is a never ending process. However, it’s an important intermediate stage ( failing to plan can mean planning to fail ). If you are just starting a business, having a well-written business plan shows that you have really done your homework. And if you are planning to expand an already established business, it demonstrates that you have carefully considered the pros, cons and odds; and focu...

TABLE OF CONTENT The actual complete structure of your business plan will look like the following: Cover Letter Title Page Table of Contents Executive Summary Company Profile Industry Research Sales and Marketing Operations Financials Now, let’s go into real business… The cover letter, title page, table of contents, and executive summary make up the opening section of your business plan. This section is the last thing you will work on, but it is the first thing anyone looking at your business plan will see. And because it can make or mar your fund-raising quest, it is very important to use it to create a good first impression in the reader’s mind. Now, let’s discuss each component of the opening section in more detail, giving tips on how best to craft each.   The Business Plan Cover Letter     The cover letter serves the same purpose as it does when you submit one along with a resume as a job candidate; it introduces your business plan to the...

Business Skills A business review is a narrative account of a customer’s experience with a company’s products and services. It presents the customer’s assessment of the company’s offerings, so that potential customers can make an informed decision as to whether the company is a good match or their needs. According to research, more than 70 percent of customers base their decisions about doing business with company on the reviews that others have written about that company. In other words, more than half of potential customers decide what bank to switch to, what PR firm to hire, what smartphone to buy, or what hosting service to choose based on other people’s experiences with these products and services. The above statistic drives home the point that a business review could actually attract potential customers to business or repel them from it. As a customer, there are times when you are so much satisfied with a product or service that you want others to know about it ...

Business Skills No product will attract customers by osmosis. If your business is launching a new product, you need to tell your potential customers about it. Of course, they can only buy it when they know it exists. An easy and cheap way to tell your potential customers about your new product is to send them a business letter introducing the product. This will make them aware of not only the product’s launch, but also of the benefits they stand to gain from the product. Whether your potential customer will be interested in buying your product depends on how well you craft your letter of introduction. A compelling and professionally written letter of introduction will create a positive first impression that will instantly trigger the reader’s interest in your product. But a poorly written letter will make no impact on the reader, so your product won’t really interest them. So, every business owner, manager, and marketer needs to know how to write a good letter of int...